The U.K.’s ri3k announced the launch of the first electronic data hub for the North American life reinsurance industry, LifeRIC Inc., which is 100 percent owned by the London-based infrastructure builder and data management provider.
“LifeRIC automates the transformation of in-force data between direct writers, reinsurers and retrocessionaires, enabling data interchange on the hundreds of millions of lives insured in this market,” said the bulletin. Its data hub “provides a single integration point for the industry and allows back-office systems to message each other in a common format. No system re-engineering is required. The hub transforms the life data into a single ACORD format and then passes it on automatically in the required format of the receiving system. This eradicates the need for individual data sorting or reformatting, reducing processing costs and providing much more accessible information.”
The bulletin noted that “LifeRIC has been built by the world’s leading technologists in web-based reinsurance infrastructure, ri3k, which has this week won two of the prestigious ACORD awards as well as being awarded full ACORD certification.”
Alex Letts, ri3k CEO, commented: “LifeRIC delivers automated feeds of correctly mapped data. For those companies needing it, ri3k’s Media Conversion Center also accepts files in paper, fax, cartridge or CD format and transforms it into usable electronic data. We will digitize any media for those who want it.”
Was this article valuable?
Here are more articles you may enjoy.